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Home My WebLink About0480 INSTALLMENT PROMiSSORY NOTE ?l'~F?~Lf R~.EF ASSCCI!lTES• IIrC. • IA! Amount R~ce~wd s ~:1~•'.'•~0 BANK NAME (8) Prfm~um tor Credit ~~~t ~il~/Ois~bilitY Ins. S P.O. `~x1X 618s JENSEN BE1lCH• Fl.. 33~57 IC) Documenisry Stamps a ~~or.e OFFICE AOORESS (O) OtAN Chupes (ittmiio) s ~ne ~E~ s non• NOTE NO. DATEO: ~ .~s Tn ~F~ s rto?te Ja~~uw 21 (G) Amount Financed y,i~.pp DUE: ~ ~ .~g ~ IA, B, C, D, E, FI S 1 Hl 1 ~t~r~st s~i~~~ PLACE: , FLORIDA Gedit Inwst~gation S n~~ (J) Other s nQl'l~ For valw race~ved, the undenigned (hfreinafter Called "AAaker") joinUy and severally (it more than one) promise to pay to the or of the Bank at ~ts otfice lis~ed above, th~ Toul (K) S o~ Paymenn (from (NI at rght) oi ~t t,339. ~ ppllars payable in Z2~ lti s n~l'!~ ' 4M) FINAPICE CHARGE A za~ ZO eyual monthly installmer~~S , the fint (H ~ ~ K L~ s ~ . ~nstallry{~t due o~ r ' , 19 , and wbsequent instaUme~ts due on (N) Total of Payments (G + M) S~'3~~- the ~~_q~each month tnereatter, tog~the=wi`h =FINAL BAILOON PA'YMENT OF.~ ANNUAI. PERCENTAGE RATE • ~ 5 Ii~1Nt ~UE ~ The Bank shall impose a delinquency charge ags~mt tM Maker on aay payment which has becpnt due and ~emaens in default for a psriod in exwu of 10 c~ays in a~ amount equal to 5'J6 of the amount of the principal part ot the payrtxnt in detault. In tha event that the Note is not paid in full at matu~ity, all pay- mems, wheth~~ principal, interest or othervvisa, :hall bear interest at the maxirtwm legal rate allowed under the laws ot the State oi Flwida. All payments made ne~eunder shall be cred~ted tirst to interest and then to principal, however, in tAe event ot defauli, the Bank may, in its sole diuretion, apply a~y paymertt to ~nterest, p~intipal and/o. lawlul cherges then accrued. It is the intention of the parties hereto tAat the provisions herein sha11 not providE direCtly w indirectly ~o+ the payment of a greater rate of ;nterest or the reten[ion of sny other charge than is albwed by law. If, for any reaso~, interest in excess oi wch legal rate or charge prohibifed by faw shall at any ~ime tx paid, any such excess sha11 eitAe? constitute snd be « eated as a Aayment on the principal w be retunded direc[ly ine Msker. The Maker may prepay the e~t~re unpa~d balance of the loa~ at any time. I( the Ipan is prepa;d in full, accelera~ed or refinanced, ~he Maker shall receive a ~~~und of the u~earrted portio~ of the inte~est and inwrance premiums computed by the Rule ot 78's method, except that the 8ank shatl be entitled to retain a minirtwm interest charge of CREOtT LIFE AND CREUIT tIFE do DISABlLITY 1NSURANCE ARE VOLUNTAFiY AND NOT REQUIREO FOR CREDIT. Such ~nwrance coverage is ava~~able at the cost designated below fo~ the term ot the credit: fa) S (or Credit lite Inwrance (b) S fo~ Credit l~~e& Disabdity Inwrance: Cneck ? Credit Life Inwrance is des~red on the lite of A~pl ' Bi~thdate eox ? Cred~t Life d~ Disab~litv Insurance ~s desired on ,y~ Sirthdat LJ Credit life andlor Oiubility tnsuranCe is not desired. ' ~ l~~IflUa~ ~i ~ 1~73 Uate $~y~ Signature_~r~[ 1 ii ~J ~ As secur'ty o~ t pa nt f th k te th Ma er hereby gra~ts o he nk a wi in er t in he (ollowir?~ Qroperty: ~ p• n7~~ 4r:df ri deci j inter4s~ ~n ~+~r~~e ~e~~ ~o~:~. r~~cQr:,~cc~ ~n ~.R.~a~c ~L6~, ~a 2~c... tfn t Maeks b n - - . . as a~scr. n sa ao gage. ~nciud,ng all intreases, wbstitutions, replacements, edditions and acceuions thereto and in the proceeds thereof (hereinafter talled "Collateral"1. This security ~ncerest shatl also secure any other irxlebtedneu or liability of the Meker to the 8ank direct o~ ind'ertct, absolute or contingent, due or io become due, now ex- ~sc~ng or hereafter arisir?g, inctud,ng all future advances a loans by the Bank to ihe Maker. The 8ank is also giv~n a I~en ar?d a security interest ~n all property and secur~ties of the Maker, endorser, wrety, guaranto? or accommodation party ot this Noce (hereinatter referred to as the "Oblgors"1, now in or at a~y t~me he*eafter coming into the rnntrol, custody or posseu~on of the Bank, vrhether for the ez- p~essed purpose o~ being used by ihe Bank as Collateral, o~ for any other purpose, and upon any balance or balances to the credit o1 any accounts, inctudirg !~ust and agency accounts ma~nta~ned withthe Bank by any of the Obligors, and the Obl~gors agree to deliver to the Bank additional Collateral or make such payments in reduction of the pr~ncipal amouot~of the loa~ as shall be satisfactory to the 8ank, in the event the aforementioned Collateral shall decline in value become unsatis(actory to the 8ank. Addi~ions to, ~eductions o~ excl~anges of, or wbstitu~ions for the Collateral, payments on account oi this loan or increases of the same, or othe? loans made pa~t~ally or wholly upon the Collateral, rt?ay from time to time be made without afiecting the provisions of this Note. The Bankshall exercise reasonable care in ~he custody and prese~vation of tAe Co~lateral to the extent ~equired by applicable statute, and shall be deemed to have exercised reasonable ca.e i~ ii takes wch ac r~on for that purpose as AAaker shall reasonably request in writing, but no omission to do any act not requested by Maker shall be deemed a failure to exercise ~?asonable care, and no omission to comply with any request of Make~ shall of itself be deemed a(ailure to exercise reasonable care. Bank shall ~ot be bound to ~ake any steps necessary to preserve any nghts in the Collateral against prior parties and Maker shalf take aN necessary steps fw suCh pu?poses. Tl?e Bank or its n~mince nee~1 not collect interest an, w a principal ot, any Collateral or give any notice with respect to it. The Bank may continue to hold any Collate~al deposited hereunder after the payrtient ot this Note, if at the time of the payment and dischar9e hereoi any o( ~he parties tiable tor the payment hereof shall be then directly or cont~nge~tly liable to the Bank as Maker, endorser, surety, guara~tw or accommodation parry o~ any other note, draft, bill ot excAange, w other instrume~t,. o~ otherwise, and the Bank may tbereafter exe?cise all rights with respect to said Collateral 4~anttd herein even thou9h this Note shall have bee?~ surrendered to the Maker_ If the Bank deems itself insecure w upon the happening ot any of the tollowing evenis, each of which shall constitute a deiault, all liabilities of each Maker to ~ne Bank, inctuding the entire unpaid principal of this Note and attrued interest, less any unearned i~terest and any interest in excess of the maximum atlowed Uy law and any rebates required by taw, shall imrt~ediatdY or thueafter, at the option of the Bank, except that the occurrence of (c) o? (d) shali cause automat- ~c acceleration; without notice w demand, become due and payable: (a) the failure o( any Obligor to perform aoy obli9ation, liability w claim to the 8ank, to pay ,nferest hereon within lOdays after it is due, or it there is no due date, aita it is billed w otherwise requated or demanded, a to pay any other tiability what- sceve? to the Bank when due; fbi the death oi any individual Obligw, the dissolution ot any partnersl?ip Obtigor o. the dissolution, merger or eonsolidation with• out the Bank's prio~ wnitten cot?sent ot any corpo~ate Obligor; (c) the ti!ing o~ a pet~tion in bankruptcy w the adjuditation oi insolvency or bankruptty under ~ny ~eorgan~zation, arrangement, readjustrt~t of debt, diuolution, liquidation or similar proceeding under any Federat or sWte statute, by or against any Obt~gor; (dl an application for the appoi~trtxnt pf a rtCeive? for, w the making of s gene.at assiynment for ~he benefit ot creditws by, any Obligor; (e) the e~try cf ~udgrt~e~t against any Obtigor; (f) the iswing of any attaChment w garnithment, or the filing ot any lien, against any property of any Obligcsr; (9i the taking of cossession o( any substanual part of the p~operty of any Obligar at the irutance ot any governmental authority; (h) tl?e determination by the Bank that a materi- ai adverse charrge has occurred in the financial tondition of any Oblgor from tMe conditions set forth in the most recent tina~cial statement of wch Obligor ` neretotwe furnished to the 8a~k, or from the co~dition ot such Obligor as heretotwe rtw~t recently disdosed to the Bank, or that any warra~ty, representation, ` cert~ficace w statertient of any Oblgw (whether containad in this Note o. not) pertaininp to or in oo~nection vrith this Mote or the loan evidenced by this Note coneains an untrue stateme~t of mataial fact w omits to state materisl fact necessary in order to make ~he sWteme~ts made not misleading; a, (i) [he auign- mene by any Maker ot any equity in any ot tM Collateral wichout the prio~ written cor?sent of the 8ank. Th! 8snk shall have, but shall not be limited to, tht followitg rights, eaCh of whith msy be sxercised at any time whether w not this Note is due: (i) to ~~edgs o~ traRSter this Note and the Collateral and the Ba~k shalt thereupon be relieved of all duties a~d retpons+trilities he.eunder artd relieved from any and all ~~ab,lity witb respsct to any Collate~al so pledged w craniferred, and any pledgee w transfe~ee snall for a11 purposes stand i~ the place oi the Bank he~eunder and have all tha ryhts of the Bank hereunder; (ii) to tra~sfer the whok a a~ psrt o( tAe Collateral i~to tM nsme ot itselt or its nominee; (iiii to vote the Collateral; (~vi to notffy the Obli9as of any Coilaterai to make paymsnt to the Ba~k of any amounts due o~ to becorne dus thereon; (v) to dema~d, we for, collect, or make any compromise a setttement it deems desirable with refererice to the Collateral; and (vi) to ake posseuion w cantrol of any proceeds of Collateral. *`~JANK" as ~s~d :~r~~~ Tur~ie Reef Associates, Inc. a~idJar its assi A 1MOTICE: SEE OTHER SIDE FOR lMPORTANT INFORMATION g~~K PA~E Z~2 ~B5 752 Rev. 7i7? ~ ~ ,-.~4 ~ v ~ ~.-u.Q . c.. i ~ ,a r.~`.~.'~ . _ . = F.+s.': z^~_"cSb.m.,